Raw sugar futures tumbled on Friday, closing down 2.6 percent on pressure from currency after better-than-expected US jobs data pushed the dollar sharply higher, brokers said. The March raw sugar contract dropped 0.59 cent or 2.6 percent to close at 22.52 cents per lb. The contract traded widely from 22.33 to 23.19 cents. March contract volume reached 48,737 lots.
The dollar soared against the yen and euro after data showed the United States shed far fewer-than-expected jobs last month, boosting hopes that recovery is picking up steam. The sharply higher US dollar pressured raw sugar futures - traders. The key contract closed at a two-week high on Thursday, at 23.11 cents, a level that typically attracts selling from top producer Brazil - traders.
Indonesia plans to import around 300,000 tonnes of white sugar for household consumption next year, from India, Thailand and China - government ministers. Volume traded on Thursday in the No 11 sugar market was at 109,406 lots, from the prior 92,033 lots - exchange data. Open interest in the No 11 sugar market was at 792,695 lots as of December 3, from the previous 787,982 contracts - exchange data.
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